Donald Trump has had to admit that he can’t afford his legal comeuppance—a punishment that might have been even worse for the self-proclaimed billionaire than the actual $454 million penalty in his New York civil fraud trial.
“Well, of course, he’s embarrassed because his entire net worth, the constant reiteration that ‘I’m worth at least $10 billion,’ maybe even more, obviously goes to his id, his ego, his super-ego,” former Trump lawyer Michael Cohen told CNN on Thursday.
“And that’s now super deflated because it’s just not true,” he continued. “They had to acknowledge that they don’t have it. It wasn’t that long ago that he stood on the stand, and he told everybody that he was worth many, many, many, many billions of dollars and has a very low debt-to-value ratio.”
Trump’s last-ditch effort to postpone paying the full amount in lieu of a $100 million bond was rejected by a New York appeals court judge on Wednesday. The judge did, however, grant some relief after Trump’s legal team argued in an 1,800-page court filing that it would be “impossible” to secure a bond covering the full amount of the multimillion-dollar ruling. The granted request will allow Trump to continue borrowing money, though the ruling is temporary until a full panel of judges deliberates on the order.
Failing to obtain a loan, however, could result in the seizure of Trump’s assets, warned New York Attorney General Letitia James.
“I mean, what is he going to do?” Cohen continued. “What’s he going to call like a J.G. Wentworth and say, ‘I need cash now’? How was he going to raise more than this half a billion?”
Justice Arthur Engoron had originally slapped a $354 million fine on Trump for committing real estate–related fraud in New York, but by last week, that sum had grown to $454.2 million thanks to added interest, which is tacking on an additional $112,000 with each passing day.
The penalty also came with an addendum that Trump cannot serve as an officer or director of a New York company for three years, including his own Trump Organization. His two adult sons were also penalized by the ruling: They were fined $4 million each and will have to stay out of New York business for two years. They will also be prevented from obtaining loans from any New York financial institutes for three years.